Published
06/26/2026, 12:46The Jogorku Kenesh approved amendments to tax legislation that provide for an increase in the tax burden on enterprises that mine and process gold and silver during periods of high global prices for precious metals.
The amendments were included in the law “On Amendments to Certain Legislative Acts of the Kyrgyz Republic in the Field of Taxation and Non-Tax Revenues,” adopted by deputies on June 25.
The new mechanism introduces a progressive income tax scale. The higher the price of gold and silver on international commodity exchanges, the higher the tax rate will be for mining and processing enterprises.
According to the draft law, the maximum income tax rate for silver will be 26% on the sale of ore and concentrate and 21% on the sale of refined silver and finished products if global prices reach high levels. A similar principle will apply to gold mining—the tax burden will depend directly on global market conditions.
The introduction of a progressive tax scale comes amid high volatility in the global precious metals market. In January 2026, the price of gold on the international market reached a new all-time high, exceeding $5,600 per troy ounce. However, by the end of June, prices had fallen below $4,000, losing about 28.5% from their January peak. The new tax system will allow the government to automatically increase the tax burden on mining companies during periods of rising global prices and to capture a larger share of windfall profits, while maintaining more moderate rates when the price of gold and silver declines.
The amendments were developed as part of the implementation of the presidential decree “On Measures to Improve the Taxation System and Tax Administration” and, following the head of state’s signature, will enter into force in accordance with the procedure established by law.
